LMG Wealth Partners LLC Increases Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

LMG Wealth Partners LLC increased its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 15.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,507 shares of the company’s stock after buying an additional 2,974 shares during the quarter. LMG Wealth Partners LLC’s holdings in Okta were worth $1,774,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Paloma Partners Management Co bought a new stake in shares of Okta in the 3rd quarter worth $969,000. Stifel Financial Corp boosted its holdings in Okta by 56.1% during the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after purchasing an additional 13,387 shares during the last quarter. Nordea Investment Management AB grew its position in Okta by 1,150.2% in the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after purchasing an additional 382,190 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Okta by 105.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after buying an additional 184,107 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Okta by 7.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after buying an additional 8,239 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Stock Performance

Okta stock opened at $96.98 on Thursday. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $114.50. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $16.62 billion, a PE ratio of -277.09, a price-to-earnings-growth ratio of 6.49 and a beta of 1.03. The firm’s 50 day simple moving average is $88.20 and its 200 day simple moving average is $82.38.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on OKTA shares. Mizuho upped their target price on Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Citigroup upped their price objective on Okta from $95.00 to $100.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. KeyCorp raised their target price on Okta from $115.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, February 11th. Truist Financial reissued a “hold” rating and issued a $92.00 price target (up from $80.00) on shares of Okta in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. upgraded shares of Okta from a “neutral” rating to an “overweight” rating and set a $100.00 price objective for the company in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $105.45.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,740 shares of Okta stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total transaction of $267,396.60. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at $2,159,178.75. The trade was a 11.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $97.50, for a total transaction of $6,337,500.00. The disclosure for this sale can be found here. Insiders sold 980,908 shares of company stock worth $85,025,665 in the last three months. Corporate insiders own 7.00% of the company’s stock.

Okta Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.